Since 1970, marijuana has been classified as a Schedule I substance under the federal Controlled Substances Act in addition to other drugs like cocaine, heroin, and LSD. The cultivation or possession of marijuana is a federal crime unless used for federally approved research.
Despite these federal laws, various states have begun to legalize the use of marijuana of certain types and in certain ways. As a result, it is increasingly likely that people in New York who engage in estate planning will have some type of cannabis related assets. There will also be an increase in the number of other complex estate planning issues regarding cannabis. As a result, this article examines some of the most important issues that are likely to arise concerning estate planning and marijuana.
The Current Status of Marijuana in New York State